Economy

• Saturday, August 7th 2010 - 00:43 UTC

  Brazil ready to confirm another record crop: 147.1 million tons

  

  Brazil is poised to confirm its largest crop ever, 147.1 million tons in 2009/2010, which is 9% higher that the 135.1 million of 2008/09 according to the latest survey from Conab, the country’s National Supply Agency. The latest record was in 2007/08 with 146 million tons.

• Friday, August 6th 2010 - 22:20 UTC

  Bolivia’s gas reserves ‘comfortably’ sufficient for the next twenty years

  

  Bolivia’s proven gas reserves stand at 19 trillion cubic feet, which means the country can address domestic and foreign demand comfortably during the next 20 years announced Friday by Energy and Hydrocarbons minister Fernando Vincenti.

• Friday, August 6th 2010 - 06:05 UTC

  Argentine businessmen demand strong institutions and respect for private sector

  

  Argentina’s most powerful business organizations and personalities made a strong presentation in support of the legal system and the private sector as indispensable conditions for a sustained and continued economic development that includes all Argentines.

• Friday, August 6th 2010 - 06:03 UTC

  Euro zone benchmark rate unchanged, but ECB needs to absorb extra liquidity

  

  European Central Bank President Jean Claude Trichet said Europe is recovering faster than forecast and money markets are improving, paving the way for the ECB to phase out liquidity tools used to fight the financial crisis.

• Friday, August 6th 2010 - 06:01 UTC

  Bank of England leaves rate on hold at 0.5%; concerns over recovery strength

  

  The Bank of England has voted to keep interest rates on hold at 0.5% amid concerns over the strength of the economic recovery. The decision by the bank's Monetary Policy Committee (MPC) means rates will stay at their current record low for an 18th month. It suggests the committee does not see high inflation as a serious concern.

• Friday, August 6th 2010 - 03:01 UTC

  Wheat futures soar as drought-stricken Russia halts grain exports

  

  Wheat futures soared on Thursday after the world’s number three exporter the Russian Federation said it would temporarily halt grain shipments. The worst drought on record have devastated crops in parts of Russia and caused international grain prices to spike as markets anticipate a drop in global supplies.

• Friday, August 6th 2010 - 00:50 UTC

  Paraguay Senate waiting for political deal, postpones vote on Unasur membership

  

  The Paraguayan Senate under opposition control postponed the consideration of Paraguay’s incorporation to Unasur, Union of South American Nations, without any mediate timetable to review the issue. The Senate also has it its “frozen” agenda a vote on Venezuela’s incorporation to Mercosur as full member.

• Friday, August 6th 2010 - 00:34 UTC

  IMF praises Brazil’s “carefully calibrated” policies and forecasts 7.1% growth

  

  The International Monetary Fund reiterated its forecast for Brazil’s economy to expand 7.1% this year, as result of capital inflows and the expansion of credit. However the IMF also cautioned about the official credit policy of the country’s development bank.

• Thursday, August 5th 2010 - 16:26 UTC

  Over fifty fishing vessels docked in Montevideo because of labour conflict

  

  An estimated Uruguayan flagged fifty fishing vessels have been docked in Montevideo for over a month because of a labour conflict over a new work contract with the owners of the vessels and processing plants.

• Thursday, August 5th 2010 - 16:11 UTC

  Japan rice stockpiles to reach the highest in eight years in 2011

  

  Japan’s food rice stockpiles may reach the highest level in eight years at the end of June 2011, leading to a price drop and planting curbs by growers next year. Private and government inventories are forecast to climb 2.5% to 3.24 million metric tons from 3.16 million tons a year earlier, the Ministry of Agriculture, Forestry and Fisheries said in a report Wednesday.